Just five days after it was screaming its one-for-one scrip bid for Warrego was superior to Hancock Prospecting’s all cash offer, the ASX-listed small cap’s done a complete U-turn and offered its 26 per cent stake to the rival camp on a silver platter.
It has also left its own scrip offer open, implying any sleepy Warrego shareholders that still accept Strike’s bid would just be giving it more Warrego shares to convert into cash by accepting Rinehart’s offer.
That’s because Strike did not have a minimum acceptance condition on its scrip bid, implying it always happy to walk away with a minority stake in Warrego. A week ago, it was headed exactly that way.
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